SECOND-HAND vehicle trader British Car Auctions (BCA) has been sold to the owner of the Hertz car rental chain, it emerged yesterday. US private equity firm Clayton, Dubilier & Rice has agreed to buy BCA from fellow buyout group Montagu Private Equity in a deal said to value the business at £390 million.
BCA sells some 4 billion of used vehicles each year, with 45 centres spread across 12 countries.
It sold to 70,000 buyers in the UK alone this year, offering vehicles at auction on behalf of a wide range of sellers including dealers, leasing companies, manufacturers and rental companies.
Hertz already uses BCA to dispose of its used rental cars when it upgrades its fleet.